Key Points
- Plug Power insider Benjamin Haycraft sold 13,810 shares at an average price of $2.14, totaling $29,553.40, under a pre-arranged Rule 10b5-1 plan. He retained 319,999 shares after the sale and also recently sold 18,750 additional shares.
- Plug Power shares opened at $2.05, with a 52-week range of $1.55 to $4.58 and a market capitalization of approximately $2.86 billion. The company remains unprofitable, reporting a quarterly loss of $0.07 per share despite revenue of $178.3 million that exceeded estimates.
- Analysts maintain a consensus “Hold” rating with an average price target of $3.59, while institutional ownership stands at 43.48%; several major investors, including BlackRock and Renaissance Technologies, increased their positions.
Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) insider Benjamin Haycraft sold 13,810 shares of Plug Power stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $2.14, for a total transaction of $29,553.40. Following the completion of the sale, the insider owned 319,999 shares in the company, valued at approximately $684,797.86. This represents a 4.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Benjamin Haycraft also recently made the following trade(s):
- On Tuesday, September 15th, Benjamin Haycraft sold 18,750 shares of Plug Power stock. The stock was sold at an average price of $2.06, for a total transaction of $38,625.00.
Plug Power Price Performance
Shares of NASDAQ:PLUG opened at $2.05 on Wednesday. The firm's 50 day moving average is $2.17 and its two-hundred day moving average is $2.62. The firm has a market capitalization of $2.86 billion, a P/E ratio of -1.63 and a beta of 2.21. The company has a current ratio of 2.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.29. Plug Power, Inc. has a 52 week low of $1.55 and a 52 week high of $4.58.
Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%.The business had revenue of $178.30 million during the quarter, compared to the consensus estimate of $169.11 million. Plug Power's quarterly revenue was up 2.5% on a year-over-year basis. Analysts anticipate that Plug Power, Inc. will post -0.26 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on the company. Jefferies Financial Group raised Plug Power to a "hold" rating in a research note on Thursday, September 3rd. Roth Capital reiterated a "buy" rating and issued a $5.00 target price (up from $3.50) on shares of Plug Power in a report on Wednesday, August 12th. Oppenheimer restated a "market perform" rating on shares of Plug Power in a report on Tuesday, August 11th. Wells Fargo & Company lifted their price target on shares of Plug Power from $2.00 to $2.50 and gave the stock an "equal weight" rating in a research report on Tuesday, May 19th. Finally, Morgan Stanley upped their price target on Plug Power from $1.50 to $1.65 and gave the company an "underweight" rating in a report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $3.59.
Read Our Latest Report on Plug Power
Institutional Trading of Plug Power
A number of hedge funds have recently bought and sold shares of PLUG. BlackRock Inc. boosted its holdings in shares of Plug Power by 21.0% in the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker's stock worth $498,728,000 after buying an additional 31,939,194 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Plug Power by 97.4% during the first quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker's stock valued at $62,689,000 after acquiring an additional 13,685,900 shares during the period. Handelsbanken Fonder AB raised its holdings in shares of Plug Power by 446.9% during the second quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker's stock valued at $51,529,000 after acquiring an additional 15,537,320 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Plug Power by 241.2% during the first quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker's stock valued at $40,971,000 after acquiring an additional 12,820,616 shares during the period. Finally, Van ECK Associates Corp lifted its position in shares of Plug Power by 5.6% in the 2nd quarter. Van ECK Associates Corp now owns 5,548,968 shares of the electronics maker's stock valued at $15,038,000 after acquiring an additional 293,529 shares in the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.
Plug Power Company Profile
(
Get Free Report)
Plug Power Inc is a hydrogen and fuel cell technology company that develops integrated solutions for generating, storing, distributing and using hydrogen. The company serves commercial and industrial customers seeking alternatives to conventional power sources and fossil fuels.
Its product portfolio includes electrolyzers for producing hydrogen from water, hydrogen-generation and storage systems, fuel cell engines, and stationary power systems. Plug Power also provides hydrogen-fueled material-handling equipment, including systems used to power forklifts and other warehouse vehicles, along with related infrastructure, service and maintenance offerings.
Founded in 1997 and headquartered in Latham, New York, Plug Power has focused on expanding hydrogen applications across logistics, material handling, backup and distributed power, transportation, and industrial markets.
Further Reading
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